Recently, the CSRC officially issued the measures for the supervision and administration of managers of publicly offered securities investment funds (hereinafter referred to as the measures for managers) and its supporting rules.
In the early stage, the CSRC has solicited opinions from the public, and some opinions and suggestions have been fed back and absorbed. After adoption, the measures for the administration of securities investment fund management companies (hereinafter referred to as the company measures) have been revised and renamed the measures for managers. This is also the new regulation of the management measures of fund companies after the revision of the company measures in 2012.
It is worth noting that the new regulations optimize the public offering license system. On the premise of “one participation and one control”, continue to moderately relax the restrictions on the number of public offering licenses and allow professional asset management institutions such as securities asset management companies under the same group to apply for public offering licenses. This means clarifying the public offering license access system of “one participation, one control and one license”, opening the application for public offering license of asset management of securities companies, and further diversifying the market participants of public funds.
brokerage asset management or yinglihao
The further deregulation of “one participation and one control” in the measures for managers is self-evident for securities companies.
According to the latest data of China Foundation Association, there are 152 public fund management institutions in China, of which only 13 are securities companies or securities company asset management companies that have obtained the qualification of public fund management. Some securities companies have not been granted public offering licenses due to “one participation and one control”, especially some large and medium-sized securities companies.
This time, the measures for managers clearly allow “one participation, one control and one license”, allow professional asset management institutions such as securities asset management companies, insurance asset management companies and bank financial management subsidiaries under the same group to apply for public offering licenses, and encourage financial groups to improve the layout of wealth management.
“This means that if securities companies, insurance and banking financial groups have controlled a fund company, they can still apply for a public offering license through their asset management company or financial management subsidiary. If the asset management company has a public offering license, the group can still increase the equity of a fund company in which they have participated to the holding.” An insider told reporters.
“We judge that the application for public offering license of asset management of securities companies will be further accelerated, and the expansion of public offering license will bring new business increment to securities companies.” Tianfeng Securities Co.Ltd(601162) analyst Zhou Yingjie said.
According to the annual report data of 2021, the contribution of huitianfu fund and Dongzheng asset management to the net profit of its holding securities firm Orient Securities Company Limited(600958) accounted for 48.8%, Jingshun Great Wall Fund contributed 43.3% to its holding securities firm China Greatwall Securities Co.Ltd(002939) and ChuangJin Hexin fund contributed 42.7% to its holding securities firm First Capital Securities Co.Ltd(002797) in 2021.
public offering needs to build multi-dimensional barriers to competition
Wei Fengchun, chief economist of ChuangJin Hexin fund, said in an interview with Securities Daily: “For the public fund industry, encouraging commercial banks, insurance institutions and securities companies to set up fund management companies according to law will change the competitive relationship between public funds and them. At present, public funds are more cooperative with the above institutions, and the business is extended according to different industrial chains. In the future, this cooperative relationship may evolve into a competitive relationship. With the expansion of the actors of public funds, the demand for professionals is also increasing and the number of people is increasing The competition for talent will intensify unprecedentedly. “
How should public fund companies deal with the challenges faced by public offering on the road to high-quality development?
“In the current era of market turmoil and lack of investor confidence, public funds should adhere to the interests of investors as the core, comprehensively strengthen the construction of professional ability, comprehensively improve the ability and quality, establish sustainable competitive advantage and speed up the construction of a new development pattern of the public fund industry from the three aspects of core investment and research ability, compliance risk control ability and product and business innovation ability.” Boshi told reporters.
“Public funds should build barriers by building multi-dimensional advantages in management, investment research, products and channels. The new regulations clearly allow fund management companies that fail to operate to voluntarily apply for cancellation of public fund management qualification or realize market-oriented exit through mergers and acquisitions.” Huatai Securities Co.Ltd(601688) major financial industry chief analyst Shen Juan believes.
It is worth noting that in the deregulation of “one participation and one control”, the subsidiaries established by fund management companies engaged in public fund management business will not be included in the number of fund management companies participating in and controlling. Fund management companies with prominent public offering main business, stable compliance operation and appropriate professional ability can set up subsidiaries specializing in public offering REITs, private equity investment fund management, fund investment consulting, pension financial services and other businesses.
“Under the guidance of encouraging differentiated operation in the measures for managers, the head fund company is expected to realize diversified business development and further improve its profitability by virtue of excellent investment and research ability and comprehensive operation ability. Under the guidance of differentiated development, the profitability of the head fund company will continue to improve, and the securities companies participating in holding large public funds will benefit the most.” Tianfeng Securities Co.Ltd(601162) analyst Zhou Yingjie said.
